JOHANNESBURG – Services group Bidvest on Thursday nominated audit firm PricewaterhouseCoopers (PwC) as its new external auditor effective 28 November following a comprehensive tender process.
With Craig West as the designated registered audit partner, PwC will replace Deloitte & Touche, which has been Bidvest's external auditor for 11 years.
The Independent Regulatory Board of Auditors in June 2018 published a rule on rotation, prohibiting audit firms from serving as the appointed auditor of a public interest entity for more than 10 consecutive years with effect from 1 April 2023.
Bidvest said its audit committee concluded that the appointment of PwC would comply with the requirement and would therefore not be subject to shareholders' approval at the annual general meeting scheduled for 28 November.
Bidvest also said that West is the individual registered auditor who will undertake the audit for the financial year ended 30 June 2019.